Homeowner rights

Started by RobertC34 • 4 replies • 1196 views

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RobertC34 (North Carolina)
Posts: 5

Posted:

Hello, I am on a BOD for a condo HOA in North Carolina. We are in a coastal community and comprised of mainly absentee owners (vacation rentals).

Some homeowners have raised questions regarding what is their rights as it relates to management documents. We have an external audit each year which is distributed to homeowners, but it seems to be high level and lacking detail that some homeowners have requested. Also, we give a synopsis of the budget to homeowners and many have requested the actual full budget (including employee salaries, etc).

Many homeowners have stated this is a 'right' under the law to receive the unedited budget and request a full financial audit. I have not been able to verify or prove otherwise. Any advice/ help/ suggestions ?

MarkM31 (Washington)
Posts: 351

Posted:

Quote:

Posted By RobertC34 on 06/23/2016 9:52 AM
we give a synopsis of the budget to homeowners and many have requested the actual full budget (including employee salaries, etc).

Many homeowners have stated this is a 'right' under the law to receive the unedited budget and request a full financial audit. I have not been able to verify or prove otherwise. Any advice/ help/ suggestions ?

I found this in my first two seconds of googling. You should (may?) be able to confirm and learn from the citations contained.
http://www.lawfirmrbs.com/FAQs-About-NC-HOA-Condo-Associations-Part-I.cfm

As a general rule, members are allowed to have access to a full budget with absolutely no editing. Whether this contains salary or not is dependent on how your HOA is operated. If the workers are employees of a management company, then all you can see is how much the MC is being paid, how they dole out their cash is their business alone. But if your HOA has bone fide employees or independent contractors, then the pay and billing of those individuals is open for review by all.

There are many many threads here about these topics.

RobertC34 (North Carolina)
Posts: 5

Posted:

Excellent site. Thank you!

I promise I did do a web search before posting here; somehow, just didn't find that.

MarkM31 (Washington)
Posts: 351

Posted:

Dats OK.

TimB4 (Tennessee)
Posts: 21,059

Posted:

Possible Applicable Statutes:

North Carolina Condominium Act

North Carolina Planned Community Act be sure to check the applicability section of this statute

North Carolina Nonprofit Corporation Act applicable if your Association is incorporated as a nonprofit (most are but check to be sure)

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